The rupee shook off some of its earlier weakness and recovered 12 paise to 67.84 against the dollar today on increased selling of the US currency by banks and exporters. Most emerging Asian currencies extended losses on Monday on speculation that regional central banks may end up cutting interest rates to offset potential damage to exports arising from Britain’s decision to leave the European Union.
Regional currencies, however, pared some of their earlier losses as caution grew over possible intervention by monetary authorities to support them.
- Sterling and euro struggle as Brexit shock lingers.
- Asia FX weakens in Brexit wake; rate cuts expected if exports suffer.
- South Korean won pares loss, stocks change course as Brexit impact eases.
- China’s yuan weakens to 5-1/2 year low as PBoC tolerates depreciation.
USDINR opened higher than previous close but gradually dragged down during the session and finally closed on a flat note but with negative bias.
If it is able to sustain above 68.0000 then it can further lead higher otherwise 67.7000-67.4000 is seen as support range.
EURINR opened gap down and and closed lower for the last two consecutive sessions and finally closed in red losing approx 0.54%.
Now, 74.3500 is seen as key support whereas 75.4000 may act as strong resistance from current levels.
GBPINR broke all its important support zones in last two sessions and surpassed 52 week lows and intraday loss was 3.58%.
On daily charts, next immediate support is seen near 89.3000 support while proper strength can be seen above 91.6000.
JPYINR was able to sustain higher after it breached the important resistance levels on daily charts.
Now, if it is able to hold above 67.5000 then it may inch towards the psychological level of 68.000 while 66.3000-66.0000 may act as near support range.
(Click to submit your details) Just one step to get best trading tips and Recommendation.